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Author Topic: Throwing in the towel  (Read 12107 times)
GeniuSxBoY
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February 14, 2012, 02:14:28 PM
 #41

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CryptoXchange, Intersango, bitstamp

Seriously?



Do you really consider those sites meaningful? I have jackoff sessions more important.


If mtgox fails, bitcoin fails.
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February 14, 2012, 02:28:16 PM
 #42


If mtgox fails, bitcoin fails.

Why should they? Just the recent panic should have earned them $10K. They have weathered similar setbacks with SEPA in the past.

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GeniuSxBoY
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February 14, 2012, 02:32:00 PM
 #43

Let's pretend for a second Mtgox closes.


Nobody has the resources to make a hacker proof site as hacker proof as Mtgox.

Bitcoin sites will be plagued by password database leaks, stolen accounts, and stolen wallets.



Building an impenetrable bank on a ship with cracks in the hull. Smart idea?
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February 14, 2012, 02:33:26 PM
 #44

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CryptoXchange, Intersango, bitstamp

Seriously?



Do you really consider those sites meaningful? I have jackoff sessions more important.


If mtgox fails, bitcoin fails.

http://a0.img.mobypicture.com/10a7cee3f43e732695c3718e99ca7e27_square.jpg

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GeniuSxBoY
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February 14, 2012, 02:34:57 PM
 #45

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CryptoXchange, Intersango, bitstamp

Seriously?



Do you really consider those sites meaningful? I have jackoff sessions more important.


If mtgox fails, bitcoin fails.

http://a0.img.mobypicture.com/10a7cee3f43e732695c3718e99ca7e27_square.jpg


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February 14, 2012, 02:37:40 PM
 #46

Nobody has the resources to make a hacker proof site as hacker proof as Mtgox.

Really? No one? MtGox are gods apparently.

Frame of reference d00d.


No one "willing to invest into Bitcoin"
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February 14, 2012, 02:38:08 PM
 #47





What do you think?

I think you are a very narrow minded opportunist. If anything, this whole issue proves how much we need Bitcoin.

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freshzive
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February 14, 2012, 04:02:25 PM
 #48

Down down down! Looking forward to that massive drop in mining difficulty Smiley Smiley

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February 14, 2012, 04:35:52 PM
 #49

Down down down! Looking forward to that massive drop in mining difficulty Smiley Smiley
It may take awhile.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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February 14, 2012, 04:57:11 PM
 #50

after seeing that the price droped down to nearly 4 today, i knew i would have been zhoutonged. i also felt like throwing in the towel. and i must say i am also a little disappointed. technical analysis - OK and stuff, but where were the ppl and theire walls? everything fake! everything smoke and bubble!

- 43% in 4 days, this would kill every normal stock. and it certainly is no good thing for bitcoin.

so if you followed the swarm, sold everything in a panic and dropped the price with shorts excuse my emotions: fuck you!
if you are one of those, putting bid walls as high as 20.000 btc and then decide to pull them down and change sides: fuck you very much!

this probably will drive/scare away many people who searched to invest in bitcoin, like i was scared away for about 2 months by the fatal droping price until about $4.

nobody buys into a chart which shows a clearly broken uptrend and panic selling of the sheeps and manipulation like mad. nobody who cares about his money. 

so finally you begun the shit, now end it. drop the price to 3$ or whatever, so miners are forced out of theire business and bitcoin has another crisis2.0 and beeing mentioned in the newspapers as "the hacker money is dead/dies".  surely that will drop the prices even lower and finally we can close the chapter. paypal/westerunion/paxum won, and goldmann sachs can also dance on the grave. maybe they are next to invent the new crypto currency, beeing controlled by them and having the acceptance bitcoin never had.

i kind of throwed a mental towell. at first i applaud your guys, but -40% in 5 days.. that is too much for me - i can't include that in my risk management on bitcoinica. and who tells me that there is anything real at this price?! nobody.

conclusion: im telling everybody to get some bitcoins, while i won't get some now. in fact im giving bad advice if i call to buy bitcoin now. -40% .. why not -70% the next days?! im sure there are folks out there like me who get zhoutonged when price hits 4$.




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February 14, 2012, 05:10:46 PM
 #51

Building an impenetrable bank on a ship with cracks in the hull. Smart idea?
If only someone could come up with some kind of decentralized way to store value to rid of us of all these single points of failure.

Oh, that's right. You don't really care about what Bitcoin actually is. It's all a big lottery ticket to you.
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February 14, 2012, 05:15:40 PM
 #52

Building an impenetrable bank on a ship with cracks in the hull. Smart idea?
If only someone could come up with some kind of decentralized way to store value to rid of us of all these single points of failure.

Oh, that's right. You don't really care about what Bitcoin actually is. It's all a big lottery ticket to you.

bitcoin is the store of value - getting constantly fucked up. prices under 5$ are medium sized catastrophe for bitcoin. but thats the way you, the people of the market, wanted it to be. maybe its my fault also, cause i played with zhoutong to much. after all that leveraged trading has some nasty effects on price.

anyway: bad bad last 4 days for bitcoin. i hope the damage done is not to severe Sad
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February 14, 2012, 05:32:25 PM
 #53

Building an impenetrable bank on a ship with cracks in the hull. Smart idea?
If only someone could come up with some kind of decentralized way to store value to rid of us of all these single points of failure.

Oh, that's right. You don't really care about what Bitcoin actually is. It's all a big lottery ticket to you.

bitcoin is the store of value - getting constantly fucked up. prices under 5$ are medium sized catastrophe for bitcoin. but thats the way you, the people of the market, wanted it to be. maybe its my fault also, cause i played with zhoutong to much. after all that leveraged trading has some nasty effects on price.

anyway: bad bad last 4 days for bitcoin. i hope the damage done is not to severe Sad

I understand your frustration, but how is speculating on the price fixing it? What is your goal? Speculation has it's place, but if you want to increase Bitcoin's acceptance and use, do something besides speculate. Create a valuable service and accept Bitcoin as payment. Create a valuable product and accept Bitcoin at payment.

A speculator doesn't care about the price of Bitcoin. He cares about making money on the movements. I often forget this myself.

i DO something besides speculating. i hoard, i buy stuff, i buy stocks on glbse, i spread bitcoin-propaganda wherever i come to, i even trade some goods to friends for bitcoin.

my frustration is only partly cause i lost that 27 coins or how much they were, its mostly because of lost confidence in the bitcoin future. how shall bitcoin reach a broader public and increase in usabillity, when still prices drop that brutal?! .. if you come across this forum, you get a pretty zynical and pessimist view on bitcoins future - and price drops reflect that. its the speed in which it happens. 40% loss in such a short time is simply to much, compared to the mining costs of one bitcoin beeing estimated at about 3$.  again: bad bad signals for bitcoins future.
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February 14, 2012, 05:41:30 PM
 #54

maybe you should take a break gewure, seriously, a few months for example. You are free to ignore my advice but i know for sure not all of us can stand pressure the same way

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February 14, 2012, 05:54:22 PM
 #55

maybe you should take a break gewure, seriously, a few months for example. You are free to ignore my advice but i know for sure not all of us can stand pressure the same way

im not crying, don't worry Smiley

i just lowered my exspectations on bitcoin. my mid term strategy turned out to be invalid. the last 3 months i sticked to it, thinking the market finaly is stable between 4.5 and 6 something. turned out to be invalid. i gave it about a 80% probability of not droping below 4.5 all the time, till yesterday.

was 4.5 to optimistic?! - not really i think. i underestimated the bitcoin-speculator induced volatility.
the next days will show us further what the future of bitcoin will look like; if i think of it idealistic, that is the way i would like to see bitcoin in the future, i really really really hope it does not break bellow $3.

am i overemotional if i call 'bitcoins dead' into mind again if prices go bellow $3?! i don't know if such price movement can go on, without doing severe longterm damage to bitcoins reputation and the economy.

i will suspend my trading untill i have found my new mid term strategy, paraipan.
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February 14, 2012, 05:54:58 PM
 #56

Nothing serious has happened from the perspective of Bitcoin's long term future. Absolutely nothing. I've never seen such overreaction that we have seen now, not even in the Bitcoin market. I agree that the worst damage from this is the price volatility itself but everyone involved with Bitcoin right now should know what to expect. I also tell everyone that I mention Bitcoin to, that they keep this in mind if they want to buy bitcoins.

I think the worst about this is people using Bitcoinica who should not be using Bitcoinica. Don't use it unless you know what you're doing and/or are prepared to take a total loss at any time without regret.

I can admit that I hold a fairly significant BTC position and it's worth less now, but I haven't sold anything nor am I planning to sell anything. Nothing has happened that would really worry me from a long term perspective. My position is not a leveraged position of course, it's a traditional one. I will never touch Bitcoinica.

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February 14, 2012, 05:58:04 PM
 #57

Nothing serious has happened from the perspective of Bitcoin's long term future. Absolutely nothing. I've never seen such overreaction that we have seen now, not even in the Bitcoin market. I agree that the worst damage from this is the price volatility itself but everyone involved with Bitcoin right now should know what to expect. I also tell everyone that I mention Bitcoin to, that they keep this in mind if they want to buy bitcoins.

I think the worst about this is people using Bitcoinica who should not be using Bitcoinica. Don't use it unless you know what you're doing and/or are prepared to take a total loss at any time without regret.

I can admit that I hold a fairly significant BTC position and it's worth less now, but I haven't sold anything nor am I planning to sell anything. Nothing has happened that would really worry me from a long term perspective. My position is not a leveraged position of course, it's a traditional one. I will never touch Bitcoinica.

+1

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February 14, 2012, 06:02:04 PM
 #58

Gewure, no offense, but you do realise you are contributing to the bitcoin price going more up and down, when your leveraged long get liquided. Luckily people like me stopped the fall at 4.2 - 4.4. If everyone did like you, the price would be a lot lower now. ( And gone up a lot more before the fall).  I am impressed at how stable the bitcoin price has been lately thought compared to how unknown the price really is.
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February 14, 2012, 06:03:56 PM
 #59

Nothing serious has happened from the perspective of Bitcoin's long term future. Absolutely nothing. I've never seen such overreaction that we have seen now, not even in the Bitcoin market. I agree that the worst damage from this is the price volatility itself but everyone involved with Bitcoin right now should know what to expect. I also tell everyone that I mention Bitcoin to, that they keep this in mind if they want to buy bitcoins.

I think the worst about this is people using Bitcoinica who should not be using Bitcoinica. Don't use it unless you know what you're doing and/or are prepared to take a total loss at any time without regret.

I can admit that I hold a fairly significant BTC position and it's worth less now, but I haven't sold anything nor am I planning to sell anything. Nothing has happened that would really worry me from a long term perspective. My position is not a leveraged position of course, it's a traditional one. I will never touch Bitcoinica.

on my longterm strategy, to which i stick, a drop bellow $3 in this state of progress of bitcoin would be the first serious warning sign of the longterm strategy beeing invalid. so it changes something in my system, cause this possibility has just been enabled.

so i lower my longterm(4 years) goal from 23$ to 12$

prices may rise in future - sure. but abandon the skyrocket, 7.2 is mid-term(half year) goal for now, 23$ longterm goal.
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February 14, 2012, 06:08:12 PM
 #60

Nothing serious has happened from the perspective of Bitcoin's long term future. Absolutely nothing. I've never seen such overreaction that we have seen now, not even in the Bitcoin market. I agree that the worst damage from this is the price volatility itself but everyone involved with Bitcoin right now should know what to expect. I also tell everyone that I mention Bitcoin to, that they keep this in mind if they want to buy bitcoins.

I think the worst about this is people using Bitcoinica who should not be using Bitcoinica. Don't use it unless you know what you're doing and/or are prepared to take a total loss at any time without regret.

I can admit that I hold a fairly significant BTC position and it's worth less now, but I haven't sold anything nor am I planning to sell anything. Nothing has happened that would really worry me from a long term perspective. My position is not a leveraged position of course, it's a traditional one. I will never touch Bitcoinica.

nothing serious? Tradehill decided to shut down because of banking troubles. What is not to say Mtgox would suffer the safe fate? If Mtgox, went down that would pretty much cause bitcoin price to crash.

Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend.
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